Scripted by Bill Marsilli, the film is an origin story of Nemo as he creates his warship, the Nautilus. The characters come from the Jules Verne novel.

The 1954 original “20,000 Leagues Under the Sea” was the first live-action film made by Walt Disney, who famously bet his studio on a movie best remembered for the giant squid scene. It became the second-highest grossing film that year and won three Oscars. The film has also been the basis for various rides at the Disney theme park over the years.

Disney hopes to make the film this year.

Warner Bros. releases “Terminator: Salvation” on May 22. Though “20,000 Leagues Under the Sea” is expected to be the next film he directs, McG is in discussions to supervise development and direct the next installment of “Terminator.” He also will produce through his Wonderland Sound and Vision shingle.